Ambitions Enterprise Management, a Dubai-based tour operator and travel agency, announced terms for its IPO on Tuesday.
The UAE-based company plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Ambitions Enterprise Management would command a market value of $133 million.
Through subsidiaries in the UAE, Ambitions operates as a tour operator, travel agency, and provider of event planning and management services. The company primarily provides two lines of services: MICE (meetings, incentives, conferences, and exhibitions) management, and one-stop tourism. Ambitions currently provides travel services in the UAE, Jordan, Qatar, Bahrain, Kuwait, Saudi Arabia, and Oman.
Ambitions Enterprise Management was founded in 2006 and booked $22 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol AHMA. AC Sunshine Securities and Univest Securities are the joint bookrunners on the deal.
